Mar 31, 2014
1. General:
a) These accounts have been prepared on the historical cost basis and
on the basis of going concern.
b) Accounting policies not specifically stated to otherwise are
consistent and are in consonance with generally accepted accounting
principles.
2. Fixed Assets:
a. Fixed Assets other than revalued assets are stated at cost less
depreciation.
b. Revalued assets are shown at net current Replacement Cost.
c. Expenditure on extension of tea planting is capitalised and the
same is shown under the head Land (leasehold) and Development Account.
3. Depreciation :
Depreciation is provided on straight-line method at the rates and in
the manner specified in Schedule XIV (as amended) to the Companies Act,
1956, and Increase in value of fixed assets due to revaluation is
depreciated on straight-line method at the rates specified in the
Schedule XIV to the Companies Act 1956 and transferred to Profit & Loss
account from Revaluation Reserve.
4. Impairment of Assets
The carrying amounts of cash Generating unit / assets are reviewed at
Balance sheet date to determine whether there is any indication of
impairment, if any such indication exists, the recoverable amount is
estimated as the higher of net selling price and value in use.
Impairment loss is recognized wherever carrying amount exceeds
recoverable amount.
5. Investment:
Investments are stated at cost, however, provision to diminution in
value of shares if any, other than temporary in nature has not been
made in the accounts.
6. Recognition of Income & Expenditure:
a. Income and expenses, unless specified otherwise, are recognised on
accrual basis.
b. Sales are recognized on passing of property in goods as per the
terms of sales on completion of auction in case of auction sales and in
case of consignment sale. Sales of tea and green leaf are inclusive of
excise and cess duty ,and are net of VAT.
7. Inventories:
a) Stores, Spares and Packing materials are valued at cost on FIFO
basis.
b) (i) Finished Goods of Tea as well as green leaf are valued at net
realizable value. There in no stock of green leaf at the year end .
ii) The Company has followed valuation of finished goods of tea at net
realization value. Pursuant to the Accounting Standard (AS-2) on
inventory valuation issued by the Institute of Chartered Accountants of
India, inventories are required to be valued at cost or net realizable
vale whichever is lower. Considering the nature of business the
Management has followed the practice of valuation at net realizable
value.
c) Shares held as stock in trade are valued at cost
8. Taxes on Income:
Current Tax is determined as the amount of Tax payable in respect of
Taxable Income for the period based on applicable tax rates and laws.
Deferred tax is recognised on timing differences, being the difference
between taxable income and accounting income that originate in one
period and are capable of reversal in one or more subsequent periods
and is measured using Tax rates and laws that have enacted or
substantively enacted as on Balance Sheet date. Deferred tax assets
are recognised only if there is reasonable certainty that sufficient
future taxable income will be available against which such deferred tax
assets will be realised. Such assets are reviewed as at each Balance
Sheet date to reassess reliability thereof.
9. Excise Duty and Cess:
Excise duty and Cess on manufactured tea lying in factory at the year
end is provided in the accounts. Cess on green leaf for the year has
been provided in the accounts
10. Retirement Benefits:
Liability for gratuity & leave encashment is accounted for on cash
basis.
11. Borrowing Cost:
Borrowing cost is charged as expenses in the year in which these are
incurred.
12. Contingent Liability :
Contingent Liabilities are generally not provided for in the accounts
and are separately shown in the notes to accounts.
Mar 31, 2012
1. General:
a) These accounts have been prepared on the historical cost basis and
on the basis of going concern.
b) Accounting policies not specifically stated to otherwise are
consistent and are in consonance with generally accepted accounting
principles.
2. Fixed Assets:
a. Fixed Assets other than revalued assets are stated at cost less
depreciation.
b. Revalued assets are shown at net current Replacement Cost.
c. Expenditure on extension of tea planting is capitalised and the
same is shown under the head Land (leasehold) and Development Account.
3. Depreciation :
Depreciation is provided on straight-line method at the rates and in
the manner specified in Schedule XIV (as amended) to the Companies Act,
1956, and Increase in value of fixed assets due to revaluation is
depreciated on straight-line method at the rates specified in the
Schedule XIV to the Companies Act 1956 and transferred to Profit & Loss
account from Revaluation Reserve.
4. Impairment of Assets
The carrying amounts of cash Generating unit / assets are reviewed at
Balance sheet date to determine whether there is any indication of
impairment, if any such indication exists, the recoverable amount is
estimated as the higher of net selling price and value in use.
Impairment loss is recognized wherever carrying amount exceeds
recoverable amount.
5. Investment:
Investments are stated at cost, however, provision to diminution in
value of shares if any, other than temporary in nature has not been
made in the accounts. The Company has no investment at the year - end.
6. Recognition of Income & Expenditure:
a. Income and expenses, unless specified otherwise, are recognised on
accrual basis.
b. Sales are net of Taxes if any.
7. Inventories:
a) Stores, Spares and Packing materials are valued at cost on FIFO
basis.
b) There is no Finished Goods of Tea as well as green leaf at the year
end, hence valuation of the finished products at realizable value , is
not applicable.
c) There is no stock of flats at the year end, hence valuation of flat
at cost or realizable value whichever is lower, is not applicable.
d) Shares held as stock in trade are valued at cost
8. Taxes on Income:
Current Tax is determined as the amount of Tax payable in respect of
Taxable Income for the period based on applicable tax rates and laws.
Deferred tax is recognised on timing differences, being the difference
between taxable income and accounting income that originate in one
period and are capable of reversal in one or more subsequent periods
and is measured using Tax rates and laws that have enacted or
substantively enacted as on Balance Sheet date. Deferred tax assets
are recognised only if there is reasonable certainty that sufficient
future taxable income will be available against which such deferred tax
assets will be realised. Such assets are reviewed as at each Balance
Sheet date to reassess reliability thereof.
9. Excise Duty and Cess:
No tea is manufactured during the year .Hence, no Excise duty and Cess
on manufactured tea, are provided in the accounts. Cess on green leaf
for the year has been provided in the accounts
10. Retirement Benefits:
Liability for gratuity & leave encashment is accounted for on cash
basis.
11. Borrowing Cost:
Borrowing cost is charged as expenses in the year in which these are
incurred.
12. Contingent Liability :
Contingent Liabilities are generally not provided for in the accounts
and are separately shown in the notes to accounts.
Mar 31, 2011
1. Fixed Assets:
Compiled by : Dion Global Solutions
a. Fixed Assets other than revalued assets are stated at cost less
depreciation.
b. Revalued assets are shown at net current Replacement Cost.
c. Expenditure on extension of tea planting is capitalised and the
same is shown under the head Land (leasehold) and Development Account.
2. Depreciation :
Depreciation is provided on straight-line method at the rates and in
the manner specified in Schedule XIV (as amended) to the Companies Act,
1956, and Increase in value of fixed assets due to revaluation is
depreciated on straight-line method at the rates specified in the
Schedule XIV to the Companies Act 1956 and transferred to Profit & Loss
account from Revaluation Reserve.
3. Impairment of Assets
The carrying amounts of cash Generating unit / assets are reviewed at
Balance sheet date to determine whether there is any indication of
impairment , if any such indication exists , the recoverable amount is
estimated as the higher of net selling price and value in use .
Impairment loss is recognized wherever carrying amount exceeds
recoverable amount.
4. Investment:
Investments are stated at cost, however, provision to diminution in
value of shares if any, other than temporary in nature has not been
made in the accounts.
5. Recognition of Income & Expenditure:
a. Income and expenses, unless specified otherwise, are recognised on
accrual basis.
b. Sales are net of Taxes if any .
6. Inventories:
a) Stores, Spares and Packing materials are valued at cost on FIFO
basis.
b) There is no Finished Goods of Tea as well as green leaf at the year
end, hence valuation of the finished products at realizable value , is
not applicable. are recognised only if there is reasonable certainty
that sufficient future taxable income will be available against which
suCcohm dpeilfeedr brey d: Dtaioxn aGslsobeatls Solutions Li will be
realised. Such assets are reviewed as at each Balance Sheet date to
reassess reliability thereof.
7. Excise Duty and Cess:
No tea is manufactured during the year .Hence, no Excise duty and Cess
on manufactured tea, are provided in the accounts. Cess on green leaf
for the year has been provided in the accounts
8. Retirement Benefits:
Liability for gratuity & leave encashment is accounted for on cash
basis.
9. Borrowing Cost:
Borrowing cost is charged as expenses in the year in which these are
incurred.
10.Contingent Liability :
Contingent Liabilities are generally not provided for in the accounts
and are separately shown in the notes to accounts.
Mar 31, 2009
1. General:
a) These accounts have been prepared on the historical cost basis and
on the basis of going concern.
b) Accounting policies not specifically stated to otherwise are
consistent and are in consonance with generally accepted accounting
principles.
2. Fixed Assets:
a. Fixed Assets other than revalued assets are stated at cost less
depreciation.
b. Revalued assets are shown at net current Replacement Cost.
c. Expenditure on extension of tea planting is capitalised and the
same is shown under the head Land (leasehold) and Development Account.
3. Depreciation: ,
Depreciation is provided On straight-line method at the rates and in
the manner specified in Schedule XIV (as amended) to the Companies Act
1956,and Increase in value of fixed assets due to revaluation is
depreciated on straight-line method at the rates specified in the
Schedule - XIV to the Companies Act 1956 and transferred to Profit &
Loss account from Revaluation Reserve.
4. Investment:
Investments are stated at cost, however, provision to diminution in
value of shares if any, other than temporary in nature has not been
made in the accounts.
5. Recognition of Income & Expenditure:
a. Income and expenses, unless specified otherwise, are recognised on
accrual basis.
b. Sales are net of Taxes if any.
6. Inventories:
a) Stores, Spares and Packing materials are valued at cost on FIFO
basis.
b) There is no Finished Goods of Tea at the year end , hence valuation
thereof at realizable value , is not applicable.
c) Flats held as Stock in Trade are valued at cost or realisable value
whichever is lower.
7. Taxes on Income:
Current Tax is determined as the amount of Tax payable in respect of
Taxable Income for the period based on applicable tax rates and laws.
Deferred tax is recognised on timing differences, being the difference
between taxable income and accounting income that originate in one
period and are capable of reversal in one or more subsequent periods
and is measured using Tax rates and laws that have enacted or
substantively enacted as on Balance Sheet date. Deferred tax assets are
recognised only if there is reasonable certainty that sufficient future
taxable income will be available against which such deferred tax assets
will be realised. Such assets are reviewed as at each Balance Sheet
date to reassess reliability thereof.
8. Excise Duty and Cess:
No tea is manufactured during the year .Hence, no Excise duty and Gess
on manufactured tea, are provided in the accounts. Cess on green leaf
for the year has been provided in the accounts
9. Retirement Benefits:
Liability for gratuity & leave encashment is accounted for on cash
basis.
10. Borrowing Cost:
Borrowing cost is charged as expenses in the year in which these are
incurred.
11. Contingent Liability:
Contingent Liabilities are generally not provided for in the accounts
and are separately shown in the notes to accounts.
Disclaimer: This is 3rd Party content/feed, viewers are requested to use their discretion and conduct proper diligence before investing, GoodReturns does not take any liability on the genuineness and correctness of the information in this article